If you are 62 years or older, a Home Equity Conversion Mortgage (HECM) for Purchase may help you buy your next home without required monthly mortgage payments.¹
The HECM for Purchase is a Federal Housing Administration (FHA)-insured home loan that allows seniors to use the equity from the sale of a previous residence to buy their next primary home in one transaction. Regardless of how long you live in the home or what happens to your home's value, you only make one, initial investment (down payment) towards the purchase.
No matter what your needs may be, a HECM for Purchase may help you:
¹ The borrower will be responsible for paying property charges, including homeowners insurance, taxes, and maintenance of home for the term of the loan.